Heavily indebted cross Channel tunnel operator Eurotunnel is meeting with its creditors ahead of a crucial commercial court decision on its request to get creditor protection. A company spokeswoman says the meeting, in Paris, is aimed at ‘taking stock’ and will not necessarily result in a last minute debt restructuring deal. The Paris commercial court is due to issue a ruling on Eurotunnel’s request later this afternoon.
The shareholders, most of whom are French, stand to lose their investment if there is not an agreement to restructure the nine billion euros of debt. The shares have been suspended since May.